Despite presiding over the largest U.K. initial public offering to be pulled last year, the chief executive officer of Misys Group Ltd. is keen for the company to return to the public market.
Misys CEO Nadeem Syed said in an interview that he still hoped to list the company, however he declined to comment on potential timing. Before Misys tackles the public markets, it is targeting new products such as machine learning and peer-to-peer lending, he said.
A provider of banking software, London-based Misys was taken private in 2012 by Vista Equity Partners in a $1.3 billion deal. The company attempted to re-list last October, in what was expected to be one of the biggest U.K. tech IPOs in recent years.
Targeting an equity valuation of 3.75 billion pounds ($4.7 billion), almost a billion pounds less than originally planned, the deal was pulled at the last minute due to low demand for the shares.
“We decided to stop because the market wasn’t ready,” said Syed. “It took some people by surprise about how much transformation we had been through. We need to be more open and consistent with our communications.”
Misys is now targeting a host of new products, a step away from the somewhat dry world of banking software…